They do (or at least, did) make IDE-based SuperDisk drives that look almost exactly like floppy drives, mostly because they're just souped-up floppy drives. I have one in my peecee/hackintosh, and it's fairly interesting. It's super fast, even on normal floppies (which is all I use it for), and has a motorized eject. Very nice.
Anywho, those may or may not work in an iMac, but it would be a bit of a hack and you'd lose either the HD or optical drive, and the drive may not work under OS 9. It'd be more useful to do the standard Mac floppy hack on an original iMac.
Also, the 50-50-40-pin drive connector cables in iMacs are used only because of the notebook optical drives used. The 50-pin parts must provide the (approximately) 40 normal IDE pins, in addition to analog audio and power (and maybe a couple others), to the CD drive, whereas the 40-pin part simply transfers normal desktop ATA-type stuff to the standard 3.5" hard drive.